Bad Assed Trader: It's been a bit of a frustrating week. Firstly I broke a rule on Tuesday and deleted a short trade on GBP CHF when news started taking price action the other way. Of course I deleted just before price then turned and went all the way to my target. So that's another reminder to not interfere...how many times have I had that lesson now??
Then I got kept in on a short trade on the Swiss Yen (CHF JPY) by spread when price dipped all the way to one pip below my target and then turned and went all the way to my stop loss on Thursday.
Thirdly, on Friday, I was then taken out of a EUR CAD short trade when price went one pip above my stop loss and then tanked to way beyond my target.
Well, I've gone over the trades to learn from them as usual but I know that the trade deletion is my worst sin of last week and it was because I was spending too much time watching the trades I had on which is a complete and utter waste of time and does me no good but plenty of harm. So it has to stop.
Which means more time for my mind training which I blogged about last week. I can't give much feedback yet about how effective the tools I'm using are because it's very early days but I'll give you some information about them.
My first tool is meditation, I drafted my own script and recorded myself on my iPhone reading the script with some lovely relaxing and uplifting music playing in the background. The first time I listened I felt very sleepy afterwards but I'm getting used to it now and get into the rhythm of it very quickly.
The second tool I'm using is called MindMaster and uses subliminal techniques to directly target the unconscious part of your brain. You're fully in control as you can write/amend the messages or choose the pictures which then flash on your computer screen so quickly you can't really see them. I've already got this flashing away with affirmations and of all the tools I have to say this is the easiest one for the laziest people! But I had to pay a few dollars for it.
The third tool I'm using is Neuro Sculpting. I'm working through a free seven day programme to increase my concentration levels, my ability to focus and better control over my mind. This is a very practical tool and seems to make sense.
The exercises are not easy (for example, time how long you can gaze at a spot on the wall without doing or thinking about anything else - who said we redundant public servants have nothing to do all day...?) but they do give you insight into how much chatter is going on in your head and how hard it is to control your mind and really focus. You may think it sounds boring but it still beats a lot of the meetings I had to attend during the time served in the NHS...
I confess that I haven't actually started to use the fourth tool yet despite the nice chap who sent it to me (again for free) sending me a follow up email offering a free telephone consultation to discuss how well I'm doing with it. And it looks useful too. I picked it up at MarketPsych which seems a really interesting website.
There are three initial, simple exercises. The first one involves setting an alarm to go off at some random point whilst you're trading at which time you must focus on how you're body is feeling, notice the sensations (eg tension, breathing, posture) and write them down. The second exercise is the same but you do this for your emotions instead of your physical sensations. In the third you have to focus on your thoughts. There's much more to it and the tool takes you forward through it but it seems to be written by people who do understand traders.
So, having set up my new routine for each day of 2012 I've reflected on my progress so far. It's not been too bad but I have struggled to do as much reading, mind training and historic trading analysis as I had planned. So I've revised my timetables. I know that once the computer is on I get drawn into watching trades so I now have clear "computer on" and "computer off" times which I must enforce. This will give me more space to do the other things.
My aim is to shine a light on the deeper parts of my mind to become more aware of what's lurking there and to expand the amount of control I have over it. This does not mean suppressing emotions - far from it. I intend to notice them more, acknowledge and accept them, and then move forwards with awareness.
Then I got kept in on a short trade on the Swiss Yen (CHF JPY) by spread when price dipped all the way to one pip below my target and then turned and went all the way to my stop loss on Thursday.
Thirdly, on Friday, I was then taken out of a EUR CAD short trade when price went one pip above my stop loss and then tanked to way beyond my target.
Well, I've gone over the trades to learn from them as usual but I know that the trade deletion is my worst sin of last week and it was because I was spending too much time watching the trades I had on which is a complete and utter waste of time and does me no good but plenty of harm. So it has to stop.
Which means more time for my mind training which I blogged about last week. I can't give much feedback yet about how effective the tools I'm using are because it's very early days but I'll give you some information about them.
My first tool is meditation, I drafted my own script and recorded myself on my iPhone reading the script with some lovely relaxing and uplifting music playing in the background. The first time I listened I felt very sleepy afterwards but I'm getting used to it now and get into the rhythm of it very quickly.
The second tool I'm using is called MindMaster and uses subliminal techniques to directly target the unconscious part of your brain. You're fully in control as you can write/amend the messages or choose the pictures which then flash on your computer screen so quickly you can't really see them. I've already got this flashing away with affirmations and of all the tools I have to say this is the easiest one for the laziest people! But I had to pay a few dollars for it.
The third tool I'm using is Neuro Sculpting. I'm working through a free seven day programme to increase my concentration levels, my ability to focus and better control over my mind. This is a very practical tool and seems to make sense.
The exercises are not easy (for example, time how long you can gaze at a spot on the wall without doing or thinking about anything else - who said we redundant public servants have nothing to do all day...?) but they do give you insight into how much chatter is going on in your head and how hard it is to control your mind and really focus. You may think it sounds boring but it still beats a lot of the meetings I had to attend during the time served in the NHS...
I confess that I haven't actually started to use the fourth tool yet despite the nice chap who sent it to me (again for free) sending me a follow up email offering a free telephone consultation to discuss how well I'm doing with it. And it looks useful too. I picked it up at MarketPsych which seems a really interesting website.
There are three initial, simple exercises. The first one involves setting an alarm to go off at some random point whilst you're trading at which time you must focus on how you're body is feeling, notice the sensations (eg tension, breathing, posture) and write them down. The second exercise is the same but you do this for your emotions instead of your physical sensations. In the third you have to focus on your thoughts. There's much more to it and the tool takes you forward through it but it seems to be written by people who do understand traders.
So, having set up my new routine for each day of 2012 I've reflected on my progress so far. It's not been too bad but I have struggled to do as much reading, mind training and historic trading analysis as I had planned. So I've revised my timetables. I know that once the computer is on I get drawn into watching trades so I now have clear "computer on" and "computer off" times which I must enforce. This will give me more space to do the other things.
My aim is to shine a light on the deeper parts of my mind to become more aware of what's lurking there and to expand the amount of control I have over it. This does not mean suppressing emotions - far from it. I intend to notice them more, acknowledge and accept them, and then move forwards with awareness.
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| Shining a light on the unaware parts of my mind (ie most of it...) |
Check out BrainWave Generator for help with meditation/mindset: http://www.bwgen.com/
ReplyDeletePretty useful and I know a few people at my work who use it to clarify their mind when trying to focus.
Thanks Nelly, I'll definitely give that a try too, great to have a recommendation xx
ReplyDelete